Wayfair Beats Estimates as Covid-Fueled Home Improvement Lingers

(Bloomberg) — Wayfair Inc. reported quarterly results that exceeded analysts’ estimates, suggesting the wave of home improvement inspired by the Covid-19 pandemic is lingering. The shares surged in premarket trading on Tuesday.

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The company, one of the largest online furniture retailers, reported a third-quarter profit of $2.30 a share, excluding certain items. Sales jumped 67% to $3.84 billion. Analysts expected earnings of 85 cents a share on revenue of $3.67 billion, according to data compiled by Bloomberg.

The Covid-19 pandemic has forced millions of people to stay home this year. That’s increased purchases of furniture and other home goods as consumers spruce up their living spaces. Furniture has been one of the last retail categories to move online, but the virus has limited access to physical stores and sent millions of new customers to Wayfair’s websites and apps. The stock has surged this year.

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Wayfair has soared as the pandemic drives more online furniture shopping

“Momentum is vibrant, demand is moving online at an accelerated pace, and we expect the home to be even more important than usual when it comes to celebrating the holidays this year,” said Niraj Shah, chief executive officer of Wayfair, in a statement.

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Wayfair rose about 13% in early trading. It has almost tripled this year.

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